Save Money, Stay Home: College Students Skip Dorms to Save Dough

   By SheSpeaksTeam  Jul 17, 2012

Many think of living in college dorms as almost a right of passage or a stepping stone between a childhood home and the real world. But with the rising cost of college tuition many more students are making the decision to live at home with parents while attending university.

A recent report from Reuters highlights the new trend many families have opted for as a way to make college more manageable. Even families whose household income exceeds $100,000 are becoming more and more likely to keep their kids at home during the college years. Right now it is estimated that 47 percent of college students whose parents earn more than $100,000 are still at home rather than dorms and this number is way up from just 24 percent in 2010.

And it’s not just the living situation of college students that shows how unmanageable college costs have gotten in recent years. Even wealthier families are taking out more in student loans than they did last year and more students are opting to attend lower cost schools to save money. In 2008 a reported 56 percent of families eliminated colleges from their wish-list because of the higher tuitions compared to a whopping 70 percent of families that are doing that now.

What do you think of reports showing a growing number of college students skipping out on dorm living and staying with parents to save money?

Do you think these students are missing out on an important step to independent living?

Make a Comment

Chrissyb by Chrissyb | CLYDE, MI
Jul 18, 2012

I wish in high school they had a class to go thoroughly everything about college; prices, differences staying home and going away, loans and how they work, etc. I have learned more trial and error but help along the way is something everyone deserves!

ms_ing by ms_ing | GOLD RIVER, CA
Jul 18, 2012

I have twins. One is going away to college, the other decided at the last minute to stay home instead. I wish she could have the experience of dorm life, but the only school that offered enough scholarship money to pay for everything was out of state. I completely understand why she didn't want to go so far from home. Her twin brother's school is only 2 hours from home, so the decision to go was easy for him. The skyrocketing cost of education is not only making it difficult to earn a degree, but it also makes it difficult to gain the peripheral life experiences that young adults need before entering the real world.

Alisonn by Alisonn | Biglerville, PA
Jul 17, 2012

I have been dorm shopping for two weeks now. It's like furnishing an apartment ! My daughter has a pile going in the basement. At least we had some extra school supplies she doesn't have to buy.

mandajanie by mandajanie | GREENACRES, FL
Jul 17, 2012

I was one of those students who lived at home for my undergraduate degree, and lived with a roommate in the dorms while getting my Masters. I'm autistic, and actually found it easier to live in a dorm. Yes, my roommate turned the heat up to 90 degrees so that she could walk around in her granny panties all day, but my family did not understand my mental condition AT ALL, nor was I allowed to seek help for it when I lived at home. At the dorms, I got to go to counseling for free!

msfriendly by msfriendly | MONROE, WI
Jul 17, 2012

Tuition is being increased to the point that most students (or parents) can no longer afford to go to college at all. And, once they graduate, most cannot find jobs and are in debt up to their eyeballs. So, if it means getting a college education and living at home to make ends meet, than it's a small price to pay compaired to others who cannot even afford to dream of going to college. For most kids, living in a dorm is all about drinking and partying anyways.

MadHatter by MadHatter | Whitestone , NY
Jul 17, 2012

I find it extremely sad to know that kids are forfeiting such a good education and life lesson they can only learn by living out on their own due to the amount of money not available to send them to these good schools. I understand that the job market isn't too well and students fear that they will rack up all the loan money with no way of paying back once they graduate college. I wish that scholarships were offered more often as well as student aids. Then again, the school tuition has no cut off point and can continuously increase disregarding the fact that graduates aren't offered or can find jobs when they do leave the school with a diploma.

didama by didama | MAPLEWOOD, NJ
Jul 17, 2012

I would love it if my children decided to live at home during college. I would wonder how they would be effected by not having that dorm experience though.